Underwriting

The resources below have been compiled and include the most relevant and up-to-date information to help you conduct your business.
FRANÇAIS

Please note that in order to maintain the underwriting timeframes, we will temporarily suspend preliminary opinion requests by email and telephone and policy status updates starting July 19, 2021. These services will be reinstated beginning September 6, 2021.

For policy status updates, log in to your Advisor's Corner account and select New Application Status report to view the status report of pending applications.

Navigating Underwriting

The underwriting process is simply defined as the assessment of each application to determine the eligibility and suitability of the applicant for an insurance product. Underwriting approval depends on the details provided in the life insurance application and the information obtained through the underwriting process.

Assumption Life offers different products, designed to fit the health and lifestyle of Canadians. These products are classified under various underwriting processes: Simplified Issue, Accelerated and Standard. Certain processes enable clients to obtain life insurance faster and without medical exams.

This page gives an overview of what to expect once you've submitted your clients application.

Need Help?

For any questions regarding Assumption Life’s underwriting process, feel free to contact underwriting@assumption.ca

Frequently Asked Questions

Select a category

Underwriting ProcessPredictive AnalyticsNon-ResidentsHelpful Tips

UNDERWRiTING PROCESS

Which of our products are Simplified Issue?

Simplified Issue products, go through a simplified issue underwriting process meaning that these products are processed rapidly and do not require any medical tests. Some cases are approved by Risk Assessment and do not need through the underwriting process. Other cases are sent to underwriting for review (MIB hit, residency status, missing information, etc.), where the application will either be approved or cancelled.

Simplified Issue products include:

  • Platinum Protection Term and Platinum Protection Whole Life
  • Golden Protection Elite Term and Golden Protection Elite Whole Life
  • Golden Protection
  • Golden Protection Deferred
  • Total Protection
What is the underwriting process for Simplified Issue products?

Once your application has been submitted, the New Business team will review the application. The application review includes verifying the MIB, the residency status and if there is any missing information.

If the declaration of insurability is answered “No” to all questions and there is no MIB hit. The application would be approved and issued by Risk Assessment without going to underwriting. However, if there is an MIB hit or the application needs further review it will be sent to the underwriting team, where it will be approved or cancelled.

*Application review also includes verifying the residency status and if there is any missing information.
**Time frames will be respected unless New Business requires additional information. When that occurs, the time frame resets and the process is on hold until new or missing information is received.
Which of our products are Underwritten?

Underwritten products usually involve more scrutiny and additional medical requirements. Depending on the age of the client and the total amount of insurance requested, the client may qualify without medical testing and move through our accelerated process. All other cases would go through our standard process, which may include medical requirements.

Underwritten products include:

  • FlexTerm
  • FlexOptions
  • Essential Whole Life
  • ParPlus
  • Critical Protection
  • ParPlus Junior
  • Youth Plus
What is the underwriting process for underwritten products?

Once your application has been submitted, the New Business team will review the application. Depending on the age of the client and the total amount of insurance requested, the client may move through our accelerated process. All other cases would go through our standard process, which may include medical requirements.

Here’s a list of possible outcomes and time frames to expect when you are submitting an underwritten product.

*Application review also includes verifying the residency status and if there is any missing information.
**Time frames will be respected unless New Business requires additional information. When that occurs, the time frame resets and the process is on hold until new or missing information is received.
Who orders the underwriting requirements when they are required?

The advisor is responsible for ordering the medical requirements.

How will I know if underwriting requirements are required?

We will inform you by email within 72 hours what additional information or medical requirements will be needed to complete the underwriting of the eligible application.

PREDICTIVE ANALYTICS

What is predictive analytics?

Predictive analysis is the use of data to help assess risk. This may include, but is not limited to, credit reports and random testing.

Who’s eligible for accelerated underwriting?

Accelerated underwriting applies to underwritten products and is limited to clients:

  • Ages 0 to 17, applying for coverage amounts up to $999,999 
  • Ages 18 to 45, applying for coverage amounts up to $499,999 
  • Ages 46 to 60, applying for coverage amounts up to $249,999
  • Ages 61 to 65, applying for coverage amounts up to $99,999

While the ages and the amounts above are eligible for accelerated underwriting, the ages and amounts listed under "PA" could also qualify for accelerated underwriting. However, we will use predictive analytics to help better assess risk. We estimate that approximately half of the eligible applications could benefit from accelerated underwriting.

Which products are eligible for accelerated underwriting?

Accelerated underwriting process is only available for underwritten products including:

  • FlexTerm
  • FlexOptions
  • Essential Whole Life
  • ParPlus
  • Critical Protection
  • ParPlus Junior
  • Youth Plus

Simplified Issue insurance such as Total Protection, Golden Protection and No Medical Insurance are excluded from predictive analysis as they are not an underwritten product.

Do predictive analytics replace the underwriters? Can my policy be denied due to predictive analytics?

No. Predictive analytics simply allow us to determine whether medical requirements are needed. When requirements are requested, the results are reviewed by an underwriter who will make the final decision.

My client answered "No" to all questions, but underwriting requires additional information and medical exams. Why is this?

Our New Business team uses different pieces of information from the application to assess risk. In addition, a number of applications will be randomly selected for underwriting. For example, medical examinations may be required even if the client does not declare any health conditions.

Other factors that could require additional  information or medical exams are an existing insurance file, medical and/or credit records.

How do I explain predictive analytics to my client?

While we estimate that half of the eligible applications will require a medical examination, there is no way to know which applicant will be selected for accelerated underwriting. It may be helpful to suggest that the client may require additional medical examinations.

If the client qualifies for accelerated underwriting, the application will be processed in as little as 72 hours. If the application is subject to our standard underwriting process, which may include medical requirements, we will contact the advisor by email.

When will I know if whether my application qualifies for Accelerated accelerated Underwriting underwriting or not?

Once the application has been completed and received by our New Business department, the application will be assessed to determine whether or not the client is eligible for accelerated underwriting. The advisor will be notified by email within 72 hours if the eligible application has been approved without additional medical requirements.

Non-RESIDENTS

Which categories will not be eligible for Underwritten or Simplified Issue products?
  • Holders of a super visa
  • Asylum claimants – Individuals making an asylum claim in Canada will not be considered for insurance even if they hold a work permit or other immigration permit. Once they are accepted as convention refugees, they are eligible under the convention refugee guidelines.
  • Holders of a visitor visa, unless they are the spouse or child of an individual who qualifies for coverage (See Insured’s Spouse and Children category) Individuals who do not currently reside in Canada, unless the purpose of the insurance and insurable interest is justified in the application. Application and all medical evidence as well as delivery of the contract must take place in Canada. Individual consideration only
  • Individuals who do not currently reside in Canada, unless the purpose of the insurance and insurable interest is justified in the application. Application and all medical evidence as well as delivery of the contract must take place in Canada. Individual consideration only

For eligibility details consult our Underwriting guidelines for individuals without permanent resident status in Canada

Which categories will be considered with an application?
  • Holders of a Work Permit
  • Holders of a Study Permit
  • Holders of a Post-Graduation Work Permit (PGWP)
  • Holders of an Open Work Permit
  • Holders of a Certificat de sélection du Québec (CSQ)
  • Convention Refugees
  • Double Citizenship (Canadian and American)
  • Caregivers or Nannies
  • Physicians
  • Start-up Visa Program (Immigrant Entrepreneurs)
  • Insured’s Spouse and Children

For eligibility details consult our Underwriting guidelines for individuals without permanent resident status in Canada

HELPFUL TIPS

How to submit the perfect application

Our team works hard to process your application request as quickly as possible, but there are a few things to consider to ensure a perfect application.

1. Don't forget the Declaration and Authorization Form
The Declaration and Authorization Form is often neglected. Yet it is crucial for Assumption Life to move forward processing any application. The best way to avoid delays is to ensure that the client finalizes the signing process and that the signature is remitted immediately upon completion of the application. Using the electronic application process is the fastest way to go about this crucial step.

2. Banking Information
The client’s banking information must be indicated in the payer’s section on the online application*, (a copy of a void cheque is not required at this time). The payer’s signature will also be needed on the declaration, authorization and signature in the paying section.

3. Add more information
Our team evaluates risks and when submitting an application, it is better to add all the necessary details rather than wait for our team to request additional information. Having all the information from the start allows us to make better decisions and process your request faster. The additional information provided must be indicated in the special instructions section of the Lia platform.

Common scenarios/medical issues for which we will need an additional underwriting or financial questionnaire

Mental/nervous disorders such as depression, anxiety, PTSD, etc. - These cases will likely need a Mental nervous disorder questionnaire, please send it along with application.

Drug usage - These cases will likely need a Drug use questionnaire, please send it along with application.

Alcohol usage - These cases will likely need an Alcohol use questionnaire, please send it along with application.

Hazardous sports and scuba diving - for dangerous sports, please fill out the Hazardous sports and activities questionnaire, for scuba diving, please fill out the Scuba diving questionnaire, then submit it along with the application.

For complete list of underwriting and financial questionnaires, click here.